The federal government should become the insurer of last resort for mega-catastrophes, said a Brookings Institution policy brief published yesterday.
Senior Brookings fellow Robert Litan said in the brief that catastrophic events like Hurricane Katrina incur costs so large and unpredictable that private insurers either are unwilling to insure against them, or charge premiums so high that significant numbers of customers do not want or cannot afford the insurance.
“Without policy solutions, federal taxpayers in particular face unnecessarily large burden for future disaster relief,” Mr. Litan wrote.
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